By Cristal Cody
Tupelo, Miss., Nov. 13 – Westlake Chemical Corp. priced a $500 million offering of 4.375% 30-year senior notes (Baa3/BBB/BBB) on Monday at 98.979 to yield 4.437%, according to an FWP filing with the Securities and Exchange Commission.
The notes were placed with a spread of Treasuries plus 157 basis points.
BofA Merrill Lynch, Deutsche Bank Securities Inc. Goldman Sachs & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
The notes will be guaranteed by Hudson Pacific Properties, Inc.
Proceeds will be used with borrowings under the company’s revolving credit facility to redeem all $624,793,000 of the company's 4.625% senior notes due 2021, all $63,207,000 of its subsidiary’s 4.625% senior notes due 2021, all $433,793,000 of its 4.875% senior notes due 2023 and all $16,207,000 of its subsidiary’s 4.875% senior notes due 2023.
Westlake is a manufacturer and supplier of petrochemicals, polymers and building products and is based in Houston.
| Issuer: | Westlake Chemical Corp.
|
| Guarantor: | Hudson Pacific Properties, Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2047
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc. Goldman Sachs & Co. LLC and Wells Fargo Securities LLC
|
| Co-managers: | BB&T Capital Markets and Citigroup Global Markets Inc.
|
| Coupon: | 4.375%
|
| Price: | 98.979
|
| Yield: | 4.437%
|
| Spread: | Treasuries plus 157 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before May 15, 2047; thereafter at par
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 28
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
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